Reports: Hormel a finalist to buy Ragu

Published 10:50 am Monday, March 24, 2014

Hormel Foods Corp. and the J.M. Smucker company may be competing for more than just a stake in the peanut butter market.

Hormel, which acquired Skippy last January, is reportedly one of the companies vying to acquire Unilever’s Ragu brand, according to reports from Bloomberg and several other media outlets.

Along with Smucker and Hormel, Bloomberg also lists Pinnacle Foods Inc., Hillshire Brands Co., Post Holdings Inc., and Mizkan Co. as others likely to bid for the pasta sauce.

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The first round of bids for Ragu are due at the end of this week, and Bloomberg reports the sale could top $2 billion.

Hormel bought Skippy last year for $700 million. Hormel officials declined to comment.